Genesis Global Is FTX’s Largest Unsecured Creditor With Over $200 Million
- Genesis Global Capital has become the largest unsecured creditor of FTX.com and its affiliates, with bonds totalling 226.3 million US dollars.
- It has previously been stated that the top 50 creditors of FTX (with a total debt of around 3.1 billion US dollars) have not yet been made public, however the specific information has not yet been made public.
According to paperwork filed on January 20, Genesis Global Capital has become the largest unsecured creditor of FTX.com and its affiliates, with bonds totaling 226.3 million US dollars.
On January 20th, FTX.com and its affiliates revealed that Genesis Global Capital, with bonds totaling $226.3 million dollars, had become the largest unsecured creditor. Although it has been previously asserted that the top 50 creditors of FTX, who together have a total debt of around $3.1 billion dollars, have not yet been made public, the specific information on these creditors has not yet been made public.
The names and details of the majority of the other top 50 creditors have been redacted; however, the Hong Kong-based crypto trading business Pulsar Global Ltd. is the 12th-largest unsecured creditor, with a claim of $92.9 million, and individual creditor Larry Qian is the 14th, with a claim of $91.1 million. Another notable participant on the list is Wintermute, a cryptocurrency market maker located in Singapore. They come in at position number 29 with a claim of $33.0 million.
Late on Thursday night, Genesis Global Holdco LLC, Genesis Asia Pacific Pte. Ltd., and Genesis Global Capital LLC all submitted their petitions for protection under Chapter 11 of the bankruptcy code.
According to a press release issued by the company, Genesis and its advisors have been engaged in continuous and fruitful conversations with advisors to its creditors and corporate parent Digital Currency Group (“DCG”) to investigate the most practical strategy for preserving assets and moving the business forward.
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